Range Resources (NYSE:RRC) Stock Gets Price Target Boost from Barclays

Range Resources (NYSE:RRC) had its target price upped by Barclays from $42.00 to $67.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the oil and gas exploration company’s stock. Barclays‘s price target suggests a potential upside of 29.20% from the stock’s previous close.

RRC has been the topic of a number of other reports. Susquehanna increased their price objective on shares of Range Resources from $41.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, October 20th. Truist Financial lifted their price objective on shares of Range Resources from $43.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, November 2nd. Mizuho lifted their price objective on shares of Range Resources from $52.00 to $67.00 and gave the stock an “outperform” rating in a research report on Monday, October 26th. Weiss Ratings downgraded shares of Range Resources from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 30th. Finally, Texas Capital lowered Range Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nineteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and a consensus target price of $47.61.

Range Resources Stock Up 0.8%

RRC stock traded up $0.40 during mid-day trading on Friday, reaching $51.86. The company had a trading volume of 3,367,071 shares, compared to its average volume of 6,255,452. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 0.74. The company has a market capitalization of $12.12 billion, a price-to-earnings ratio of 13.76 and a beta of 0.64. The firm has a fifty day simple moving average of $44.14 and a 200 day simple moving average of $41.14. Range Resources has a fifty-two week low of $32.68 and a fifty-two week high of $56.90.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, October 27th. The oil and gas exploration company reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.06. The business had revenue of $842.83 million during the quarter, compared to the consensus estimate of $795.19 million. Range Resources had a return on equity of 19.15% and a net margin of 25.25%. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 earnings per share. Analysts forecast that Range Resources will post 3.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Range Resources

A number of hedge funds have recently modified their holdings of RRC. BlackRock Inc. purchased a new stake in Range Resources in the 2nd quarter valued at $868,085,000. Boston Partners grew its position in Range Resources by 4.5% during the 3rd quarter. Boston Partners now owns 12,779,480 shares of the oil and gas exploration company’s stock worth $473,728,000 after purchasing an additional 552,648 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Range Resources by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,192,740 shares of the oil and gas exploration company’s stock worth $415,354,000 after purchasing an additional 227,711 shares during the last quarter. Canoe Financial LP grew its position in Range Resources by 19.3% during the 3rd quarter. Canoe Financial LP now owns 3,953,091 shares of the oil and gas exploration company’s stock worth $148,403,000 after purchasing an additional 639,200 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Range Resources by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 1,962,499 shares of the oil and gas exploration company’s stock valued at $88,666,000 after purchasing an additional 22,278 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Company Profile

Range Resources Corporation is an independent energy company focused on exploring for, developing and producing natural gas, natural gas liquids and crude oil. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania. The company also markets and sells its production to customers in the energy and industrial sectors. Range Resources has played a significant role in developing the Marcellus Shale, a major natural gas-producing formation in the United States.